Charles Ajunwa writes that Tony Elumelu who recently attained 58 years, is impacting the world positively through his philanthropic activities
If you partake in entrepreneurial conversations in Nigeria or on the continent, at some point, the name Tony O. Elumelu will come up. Of course, other names will pop up as well, but you will find that none is treated with as much admiration and respect as the name Tony Elumelu is.
Perhaps, it stems from the collective remembering of his famous dogged entrepreneurial decision of turning a massively failing Nigerian bank around within a relatively short time, a move that took the country and market analysts by surprise. Or perhaps it is the fact whenever you look around you, you’re bound to encounter people and businesses that have been grazed by the lush generosity of Elumelu’s philanthropic activities. And these by no means adequately describe the extent of his influence. As he recently turned 58, taking a look at his life, works, and achievement is a worthwhile to embark on.
The Man
Born on March 22, 1963, in Jos, Plateau State – a city which is interestingly the birthplace of some of Nigeria’s brightest minds across industries like sports, politics, music, literature, broadcasting, and business – Elumelu is a native of Onicha-Ukwu in Delta State. He is also an homegrown success.
He acquired two Economics degrees from Ambrose Alli University and the University of Lagos and kicked off his career in banking in 1985 as a serving Youth Corps member in Union Bank. Just over a decade later, he took that much-lauded step of leading a small group of investors into acquiring the failing Standard Trust Bank which he later grew and merged in 2005 to become United Bank for Africa with dozens of subsidiaries in Africa, Paris, London, and New York.
Married to medical doctor Awele Vivien Elumelu, and blessed with seven children together, a lot has been said of Elumelu by one too many persons about his jovial and kind demeanour towards his peers and non-peers alike. This has earned him a fond moniker drawn from his initials – T. O. E. or TOE.
The Entrepreneur
“Entrepreneurship is the most effective way to establish true prosperity.” – Tony O. Elumelu, CON
It was the inherent entrepreneurial drive that led him into doing the unthinkable: acquiring a failing bank and turning it around into a massive success story. The same drive led him into establishing Heirs Holdings in 2010 upon his retirement as Group Managing Director from the United Bank for Africa (UBA) Plc. Heirs Holdings (HH) is an investment company owned and primarily run by the Elumelu family. HH aims to improve lives and transform Africa and does this through investment in companies in the financial services, power, oil & gas, real estate & hospitality and healthcare industries.
Heirs Holdings’ operations are based on an economic philosophy regarded as ‘Africapitalism’, an idea first introduced by Tony Elumelu in 2011 and was formally launched in 2014 in Abuja at the World Economic Forum in Africa. Africapitalism proposes private sector-led long-term investment in Africa by Africans through the promotion of entrepreneurship social enterprise and local value creation. It is on the idea of Africapitalism that the tenets of his philanthropic activities through The Tony Elumelu Foundation are primarily based.
The business model of Heirs Holdings can be traced back to Elumelu’s famous rejuvenation of Standard Trust Bank Plc and the eventual merger with UBA. The company primarily undertakes three kinds of clients/projects: underperforming assets with the aim of restoring growth and profitability, entrepreneurial start-ups, and Joint Venture Partnerships. Some notable companies HH has worked with include; Avon HMO, a health insurance company in Nigeria; and Transnational Corporation of Nigeria, a diversified conglomerate with interests in the power, hospitality, energy, and agriculture sectors.
The Philanthropist
It wouldn’t be an exaggeration to describe Elumelu as Africa’s most prominent philanthropist, a description recently made by members of his foundation on his birthday in March. For how else would you describe a man whose efforts in grooming and funding Africa’s young and smartest entrepreneurs has directly impacted 9,000 young people across 54 African countries?
Founded in 2010 as part of his commitment to the Africapitalism idea, Tony Elumelu Foundation (TEF) is a subsidiary of Heirs Holdings that aims to create new generations of entrepreneurs in Africa. Since its inception, the Foundation has been active in all 54 African countries. The goals of the organisation are often chased through various avenues like research, policy advocacy, communities, and convenings designed to foster, encourage, or fund innovation among young Africans. Examples of such programmes include the annually-organised TEF Forum, a large gathering of entrepreneurs in Africa, as well as TEFConnect, a digital hub for entrepreneurs in Africa. Tony Elumelu, through the TEF, employs his access and massive network in public and private sector circle as tools with which doors are opened and opportunities for wealth creation are made available to everyone.
By 2015, Elumelu’s Foundation had unveiled the TEF Entrepreneurship Programme, on which he committed $100 million to fund and build the capacity of 10,000 African entrepreneurs over in 10 years. Perhaps one of the most common compliments the programme has received is about unique quality for and dedication to identifying, mentoring and funding entrepreneurs across Africa.
The TEF Entrepreneurship Programme now partners with and shares its robust advanced platform with international organisations like the United Nations Development Programme (UNDP), the African Development Bank (AfDB), the International Committee of the Red Cross (ICRC), and GIZ, in creating and sustaining valuable growth and impact on the continent.
In addition to TEF Elumelu participates in other non-profit ventures such as the Bretton Woods Committee, the Nigeria Leadership Initiative (NLI), Africa Energy Leaders’ Group (AELG), the Africa Governance Initiative (AGI) with Tony Blair, also known as the Blair-Elumelu Fellowship Programme.
Ultimately, the spread and level of impact that Elumelu has had on the lives of people on the continent are unrivalled, and his efforts continue to spread with every passing year. Though wealthy, Elumelu’s net worth does not currently rank among the top 50 on the continent, yet it can be argued that his wealth has provided the most value. As he recently turned 58, perhaps his selfless service and dogged efforts will adequately pass the lesson to everyone who cares to learn them: a rich man is only as rich as the extent to which his wealth betters his immediate society.
For his contributions, he has received several awards and honours including two national honours – Member of the Order of the Federal Republic (MFR) in 2003, and Commander of the Order of the Niger (CON) in 2012. In 2009, he was asked to serve on the Presidential Committee on the Global Financial Crisis by the then President of Nigeria, Umaru Musa Yar’Adua. He has received several Lifetime Achievement Awards from the organisation around the world and appeared on many notable lists on magazines and publications.
T. O. E. is deserving of every accolade, award, and honour he receives. But maybe what he is most deserving of are the kind words, gratitude, and testimonies his direct beneficiaries give him, some of which are quoted below:
“Dear Tony and the Foundation team, we are humbled by your INSPIRING course towards empowering entrepreneurs. Many times, in the journey of an entrepreneur, we often doubt ourselves, but you believed in us. You re-ignited that fire in our belly to ensure that failure is not an option! We wish you good health and long life to continue touching lives for that’s the sole purpose in life!”
– Winnie Muriiithi, Kenya | Commercial/Retail
“They could have just given us some money and left us to do whatever we pleased, but the Tony Elumelu Entrepreneurship Programme is beyond the capital. They have taken me from where I was with my business and are, slowly but surely, moulding me and my business into a fortified powerhouse that can stand strong and be a leader in fashion in Africa.”
– Byenda Nkwanda, Zambia | Fashion
“Thanks to Tony Elumelu and TEF I have achieved major milestones with the first half of $10,000. My company has been able to partner with two major chemical companies, commenced production of my packaging, bought a sealing machine, employed more staff and commenced market testing of my products JO-JO powdered detergent, JO-JO liquid laundry, Diamond shampoo and conditioner is also set in motion. All this I have achieved with just the first half, and with the second half, the products will be mass-produced and marketed nationwide. I am so grateful to Mr Tony Elumelu for believing in my dreams and not just believing, but also giving me the training and funding to make it a reality.”
– Jocelyne Agbo, Nigeria|Manufacturing/Industry
